Buying Your First Home

So, you're on your way to becoming a homeowner. Woohoo! Here are a few things that first time home buyers might want to consider before committing to a final offer.

Financial considerations

Talk to us here at ACU and together, let's have a look at your financial situation and what your needs are. We'll be able to determine the price range of homes you should be looking at. First time home buyers might also consider applying for a pre-approved mortgage; approval will define your price range, but will also save you from having to make conditional purchase offers to potential vendors.

Personal considerations

Before you go new home shopping, make a list of your 'must haves' and a second list of 'bonuses' if they were included in a home you were looking at. Things that first time home buyers should consider include the home's physical layout, soundness of the structure and the property itself. Location (location, location) and neighbourhood are very important to your ongoing happiness with your new home. A visit to city hall or your municipal planning office will give you a heads-up as to whether authorities are planning changes to civic code, zoning or by-laws that could affect the value or nature of the property in the future.

Working with a real estate agent at this stage can be very useful, as agents are generally quite knowledgeable about housing, land, different neighbourhoods, zoning regulations and property values. At the end of the day, take your time when buying a home. Don't let yourself be rushed through your home search, or into a deal you're not ready for. Better to wait a little longer for the home you want, rather than end up with a mortgage for a home you aren't really happy with.

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